https://www.taxtmi.com/highlights?id=74776 Reopening of assessment - reason to believe - The High Court held that, even if petitioner has incurred any expenditure towards advertisement, sales promotion, product display posters, etc. on the direction of the DIPL and these expenditures might have benefited Diageo as well, does not entail right to deny deduction under Section 37(1) of the Act. It is unacceptable to even suggest that the expenses were not incurred for the purpose of business of petitioner. - The HC held that, it was impossible for any prudent person to form a reasonable belief that the income had escaped assessment. en-us Fri, 09 Feb 2024 14:09:02 +0530 Fri, 09 Feb 2024 14:09:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=74776 Reopening of assessment - reason to believe - The High Court held that, even if petitioner has incurred any expenditure towards advertisement, sales promotion, product display posters, etc. on the direction of the DIPL and these expenditures might have benefited Diageo as well, does not entail right to deny deduction under Section 37(1) of the Act. It is unacceptable to even suggest that the expenses were not incurred for the purpose of business of petitioner. - The HC held that, it was impossible for any prudent person to form a reasonable belief that the income had escaped assessment. Highlights Income Tax Fri, 09 Feb 2024 14:09:02 +0530 https://www.taxtmi.com/highlights?id=74776